Renter or Tenant Insurance Get A Quote Now

Renter insurance is considerably less expensive than homeowner insurance. Yet a 2006 Insurance Research Council survey revealed that while 96% of people who own their own homes have a homeowner insurance policy, only 43% of those who live in rented homes have a renter insurance policy. Like a home owner, tenants also have personal property worth protecting, and Renter Insurance is
one of the greatest values on the insurance market today.

What Is Renter Insurance and
What Does It Cover?
There is a common misconception that when renting a place to live, you are covered under your landlord's insurance policy. This is a fallacy. Most landlord policies only cover the outside of the building and its infrastructure. A renter insurance policy will cover your personal belongings and protect you from theft, vandalism, damage and destruction from fire, lightning, smoke, windstorm or hail while living in a rented structure. In addition, renter insurance policies provide liability coverage should a guest sustain an injury while in your home or if their property is damaged while on your premises.  If you are living in a building that allows pets, such as large dogs, you should consult your insurance agent to make sure all liabilities are covered. Some renter insurance policies will even cover your living expenses if you're forced to live elsewhere due to a covered loss.

Do I Really Need Renter Insurance?
A rented property may be more likely to get burglarized then an owned property.  Look around each room of your home and take a mental inventory of your personal belongings. Now imagine if it were all stolen, damaged or destroyed. Could you afford to replace all your furniture, clothing, electronic equipment, CDs, DVDs, etc.? A renter insurance policy can enable you to protect thousands of dollars worth of property.  When you factor in the liability coverage included in most policies, renter insurance is a great value, and an investment in peace of mind.

What Types of Renter Insurance Policies Are Offered?
There are two main types of renter insurance policies you can purchase: actual cash value or replacement cost. An actual cash value policy will reimburse you for any property stolen or damaged after taking into consideration the depreciation of each item. A replacement cost policy will reimburse you the full cash value of the current market price for each item. The replacement cost policy will likely be more expensive to purchase than an actual cash value policy. You can also purchase identity theft insurance with most renter insurance policies, and you should consider scheduling high value items such as jewelry, antiques, silverware because most policies provide limited coverage for this type of property. You may also want to consider adding flood and earthquake coverage since it is not a covered peril on your standard renter insurance policy.

How Much Renter Insurance Coverage Do I Need?
The amount of renter insurance coverage that you should purchase depends on how much personal property you own. To accurately figure out what coverage amount you need to purchase, you should take an inventory of all your possessions in your rented living quarters. While doing the inventory, make sure you note the purchase price of each item, model numbers, as well as serial numbers. This will be helpful in settling a claim should you purchase insurance and experience a loss to your personal property. You may want to keep this list in an off-site location such as a safe deposit box.

Also, if you are living with a roommate, each one of you needs to get your own renter insurance policy. A roommate's policy won't cover your assets and vice versa.